<PAGE> PAGE 1
000 A000000 06/30/99
000 C000000 0001045701
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 2.2
000 J000000 A
001 A000000 MEMORIAL FUNDS
001 B000000 811-8529
001 C000000 2078798903
002 A000000 2 PORTLAND SQUARE
002 B000000 PORTLAND
002 C000000 ME
002 D010000 04101
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 4
007 C010100 1
007 C020100 GOVERNMENT BOND FUND
007 C030100 N
007 C010200 2
007 C020200 CORPORATE BOND FUND
007 C030200 N
007 C010300 3
007 C020300 GROWTH EQUITY FUND
007 C030300 N
007 C010400 4
007 C020400 VALUE EQUITY FUND
007 C030400 N
010 A00AA01 FORUM ADMINISTRATIVE SERVICES, LLC
010 C01AA01 PORTLAND
010 C02AA01 ME
010 C03AA01 04101
011 A00AA01 FORUM FUND SERVICES, LLC
011 B00AA01 8-35592
011 C01AA01 PORTLAND
011 C02AA01 ME
011 C03AA01 04101
012 A00AA01 FORUM SHAREHOLDER SERVICES, LLC
012 B00AA01 84-01612
012 C01AA01 PORTLAND
012 C02AA01 ME
012 C03AA01 04101
013 A00AA01 KPMG PEAT MARWICK, LLP
013 B01AA01 BOSTON
013 B02AA01 MA
<PAGE> PAGE 2
013 B03AA01 02110
014 A00AA01 FORUM FUND SERVICES, LLC
014 B00AA01 8-35592
015 A00AA01 INVESTORS BANK & TRUST
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02117
015 E01AA01 X
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
020 A000001 BEAR, STEARNS & CO, INC
020 B000001 13-3299429
020 C000001 21
020 A000002 AUTRANET, INC.
020 B000002 13-2961507
020 C000002 17
020 A000003 MERRILL LYNCH & CO., INC
020 B000003 13-5674085
020 C000003 10
020 A000004 BEREAN CAPITAL, INC.
020 B000004 36-2763356
020 C000004 6
020 A000005 LEHMAN BROTHERS, INC.
020 B000005 13-2518466
020 C000005 5
020 A000006 FIRST BOSTON, INC.
020 C000006 4
020 A000007 TUCKER ANTHONY
020 B000007 04-2566229
020 C000007 3
020 A000008 WILLIAM BLAIR & CO.
020 B000008 36-2214610
020 C000008 3
020 A000009 SANDERS MORRIS MUNDY
020 C000009 2
020 A000010 JEFFERIES & CO.
020 B000010 95-2622900
020 C000010 2
021 000000 80
022 A000001 LEHMAN BROTHERS, INC.
022 B000001 13-2518466
022 C000001 192791
022 D000001 10305
022 A000002 GOLDMAN SACHS
022 B000002 13-5108880
022 C000002 137371
022 D000002 12636
022 A000003 SALOMON BROTHERS, INC.
022 B000003 13-3082694
<PAGE> PAGE 3
022 C000003 104833
022 D000003 37503
022 A000004 MORGAN STANELY & CO.
022 B000004 13-2655998
022 C000004 101130
022 D000004 20090
022 A000005 J.P. MORGAN SECURITIES
022 B000005 13-3224016
022 C000005 72709
022 D000005 8853
022 A000006 MERRILL LYNCH & CO., INC.
022 B000006 13-5674085
022 C000006 44879
022 D000006 34975
022 A000007 CHASE MANHATTAN BANK
022 B000007 13-3112953
022 C000007 44878
022 D000007 6088
022 A000008 PRUDENTIAL BACHE
022 B000008 22-2347336
022 C000008 20876
022 D000008 19690
022 A000009 WARBURG DILLON READ
022 C000009 16908
022 D000009 22309
022 A000010 BANK OF AMERICA
022 B000010 94-1687665
022 C000010 24096
022 D000010 0
023 C000000 912739
023 D000000 315006
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
033 00AA00 0
034 00AA00 N
035 00AA00 0
<PAGE> PAGE 4
036 B00AA00 0
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 Y
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 2000
077 A000000 N
078 000000 N
080 A00AA00 VIGILIANT (CHUBB GROUP INSURANCE COS.)
080 C00AA00 750
081 A00AA00 N
081 B00AA00 0
082 A00AA00 Y
082 B00AA00 10000
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
008 A000101 FORUM INVESTMENT ADVISORS, LLC
008 B000101 A
008 C000101 801-31487
008 D010101 PORTLAND
008 D020101 ME
008 D030101 04101
008 A000102 THE NORTHERN TRUST COMPANY
008 B000102 S
008 C000102 801-99999
008 D010102 CHICAGO
008 D020102 IL
008 D030102 60675
024 000100 N
025 A000101 DELETE
025 D000101 0
025 D000102 0
<PAGE> PAGE 5
025 D000103 0
025 D000104 0
025 D000105 0
025 D000106 0
025 D000107 0
025 D000108 0
028 A010100 1605
028 A020100 75
028 A030100 0
028 A040100 435
028 B010100 115
028 B020100 70
028 B030100 0
028 B040100 311
028 C010100 1460
028 C020100 76
028 C030100 0
028 C040100 633
028 D010100 447
028 D020100 77
028 D030100 0
028 D040100 233
028 E010100 826
028 E020100 80
028 E030100 0
028 E040100 11
028 F010100 172
028 F020100 70
028 F030100 0
028 F040100 41
028 G010100 4625
028 G020100 448
028 G030100 0
028 G040100 1664
028 H000100 0
037 000100 N
038 000100 0
039 000100 N
040 000100 N
041 000100 N
042 A000100 0
042 B000100 0
042 C000100 0
042 D000100 0
042 E000100 0
042 F000100 0
042 G000100 0
042 H000100 0
043 000100 0
044 000100 0
045 000100 Y
<PAGE> PAGE 6
046 000100 N
047 000100 Y
048 000100 0.230
048 A010100 0
048 A020100 0.000
048 B010100 0
048 B020100 0.000
048 C010100 0
048 C020100 0.000
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 0
048 K020100 0.000
049 000100 N
050 000100 N
051 000100 N
052 000100 N
053 A000100 Y
053 B000100 Y
053 C000100 N
055 A000100 N
055 B000100 N
056 000100 Y
057 000100 N
062 A000100 Y
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 2.8
062 M000100 47.2
062 N000100 48.8
062 O000100 0.0
<PAGE> PAGE 7
062 P000100 0.0
062 Q000100 0.0
062 R000100 1.2
063 A000100 0
063 B000100 13.3
064 A000100 N
064 B000100 N
066 A000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 N
070 B010100 N
070 B020100 N
070 C010100 Y
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 Y
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 Y
070 L010100 Y
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 N
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 Y
070 P020100 N
070 Q010100 Y
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 8621
071 B000100 4522
071 C000100 62569
<PAGE> PAGE 8
071 D000100 7
072 A000100 6
072 B000100 1897
072 C000100 0
072 D000100 0
072 E000100 0
072 F000100 75
072 G000100 49
072 H000100 0
072 I000100 68
072 J000100 5
072 K000100 0
072 L000100 0
072 M000100 3
072 N000100 0
072 O000100 0
072 P000100 0
072 Q000100 18
072 R000100 8
072 S000100 2
072 T000100 0
072 U000100 3
072 V000100 0
072 W000100 12
072 X000100 243
072 Y000100 22
072 Z000100 1676
072AA000100 0
072BB000100 24
072CC010100 0
072CC020100 3204
072DD010100 0
072DD020100 1676
072EE000100 0
073 A010100 0.0000
073 A020100 0.2551
073 B000100 0.0000
073 C000100 0.0000
074 A000100 0
074 B000100 0
074 C000100 1871
074 D000100 63174
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 0
074 K000100 0
074 L000100 1095
074 M000100 25
<PAGE> PAGE 9
074 N000100 66165
074 O000100 0
074 P000100 41
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 268
074 S000100 0
074 T000100 65856
074 U010100 0
074 U020100 6746
074 V010100 0.00
074 V020100 9.76
074 W000100 0.0000
074 X000100 15
074 Y000100 0
075 A000100 0
075 B000100 65685
076 000100 0.00
008 A000201 FORUM INVESTMENT ADVISORS, LLC
008 B000201 A
008 C000201 801-31487
008 D010201 PORTLAND
008 D020201 ME
008 D030201 04101
008 A000202 CONSECO CAPITAL MANAGEMENT, INC.
008 B000202 S
008 C000202 801-17857
008 D010202 CARMEL
008 D020202 IN
008 D030202 46032
024 000200 Y
025 A000201 MORGAN STANLEY
025 B000201 13-2655998
025 C000201 D
025 D000201 2881
025 A000202 LEHMAN BROTHERS HOLDINGS
025 B000202 13-2518466
025 C000202 D
025 D000202 4441
025 A000203 MERRILL LYNCH & CO.
025 B000203 13-5674085
025 C000203 D
025 D000203 488
025 A000204 PAINE WEBBER GROUP, INC.
025 B000204 13-2638166
025 C000204 D
025 D000204 876
025 A000205 DELETE
025 D000205 0
<PAGE> PAGE 10
025 A000206 DELETE
025 D000206 0
025 D000207 0
025 D000208 0
028 A010200 3122
028 A020200 27
028 A030200 0
028 A040200 3167
028 B010200 1274
028 B020200 25
028 B030200 0
028 B040200 118
028 C010200 6136
028 C020200 28
028 C030200 0
028 C040200 4612
028 D010200 5737
028 D020200 28
028 D030200 0
028 D040200 2123
028 E010200 7990
028 E020200 30
028 E030200 0
028 E040200 93
028 F010200 1601
028 F020200 20
028 F030200 0
028 F040200 111
028 G010200 25860
028 G020200 159
028 G030200 0
028 G040200 10224
028 H000200 0
037 000200 N
038 000200 0
039 000200 N
040 000200 N
041 000200 N
042 A000200 0
042 B000200 0
042 C000200 0
042 D000200 0
042 E000200 0
042 F000200 0
042 G000200 0
042 H000200 0
043 000200 0
044 000200 0
045 000200 Y
046 000200 N
047 000200 Y
<PAGE> PAGE 11
048 000200 0.230
048 A010200 0
048 A020200 0.000
048 B010200 0
048 B020200 0.000
048 C010200 0
048 C020200 0.000
048 D010200 0
048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
048 G010200 0
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 0
048 K020200 0.000
049 000200 N
050 000200 N
051 000200 N
052 000200 N
053 A000200 Y
053 B000200 Y
053 C000200 N
055 A000200 N
055 B000200 N
056 000200 Y
057 000200 N
062 A000200 Y
062 B000200 0.0
062 C000200 0.0
062 D000200 0.0
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 3.1
062 J000200 0.0
062 K000200 0.0
062 L000200 0.1
062 M000200 12.9
062 N000200 12.4
062 O000200 6.5
062 P000200 62.6
062 Q000200 1.4
<PAGE> PAGE 12
062 R000200 1.0
063 A000200 0
063 B000200 12.1
064 A000200 N
064 B000200 N
066 A000200 N
067 000200 N
068 A000200 N
068 B000200 N
069 000200 N
070 A010200 Y
070 A020200 N
070 B010200 N
070 B020200 N
070 C010200 Y
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 Y
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 Y
070 K010200 Y
070 K020200 Y
070 L010200 Y
070 L020200 N
070 M010200 N
070 M020200 N
070 N010200 N
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 Y
070 P020200 N
070 Q010200 Y
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 241801
071 B000200 227157
071 C000200 134793
071 D000200 169
072 A000200 6
<PAGE> PAGE 13
072 B000200 4345
072 C000200 74
072 D000200 0
072 E000200 0
072 F000200 158
072 G000200 103
072 H000200 0
072 I000200 129
072 J000200 17
072 K000200 0
072 L000200 0
072 M000200 6
072 N000200 0
072 O000200 0
072 P000200 0
072 Q000200 27
072 R000200 8
072 S000200 6
072 T000200 0
072 U000200 3
072 V000200 0
072 W000200 26
072 X000200 483
072 Y000200 45
072 Z000200 3981
072AA000200 0
072BB000200 2002
072CC010200 0
072CC020200 4867
072DD010200 0
072DD020200 3981
072EE000200 0
073 A010200 0.0000
073 A020200 0.2839
073 B000200 0.0000
073 C000200 0.0000
074 A000200 0
074 B000200 0
074 C000200 4584
074 D000200 138011
074 E000200 2081
074 F000200 0
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 0
074 K000200 0
074 L000200 9392
074 M000200 27
074 N000200 154095
074 O000200 6930
<PAGE> PAGE 14
074 P000200 88
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 812
074 S000200 0
074 T000200 146265
074 U010200 0
074 U020200 15227
074 V010200 0.00
074 V020200 9.61
074 W000200 0.0000
074 X000200 20
074 Y000200 0
075 A000200 0
075 B000200 138471
076 000200 0.00
008 A000301 FORUM INVESTMENT ADVISORS, LLC
008 B000301 A
008 C000301 801-31487
008 D010301 PORTLAND
008 D020301 ME
008 D030301 04101
008 A000302 DAVIS HAMILTON JACKSON & ASSOCIATES, L.P.
008 B000302 S
008 C000302 801-32506
008 D010302 HOUSTON
008 D020302 TX
008 D030302 77010
024 000300 Y
025 A000301 DELETE
025 D000301 0
025 A000302 BANK OF AMERICA CORP.
025 B000302 94-1687665
025 C000302 D
025 D000302 625
025 D000303 0
025 D000304 0
025 D000305 0
025 D000306 0
025 D000307 0
025 D000308 0
028 A010300 12431
028 A020300 0
028 A030300 0
028 A040300 10093
028 B010300 7858
028 B020300 0
028 B030300 0
028 B040300 54
<PAGE> PAGE 15
028 C010300 1843
028 C020300 0
028 C030300 0
028 C040300 4811
028 D010300 3596
028 D020300 5
028 D030300 0
028 D040300 681
028 E010300 11722
028 E020300 0
028 E030300 0
028 E040300 11403
028 F010300 4955
028 F020300 0
028 F030300 0
028 F040300 1911
028 G010300 42405
028 G020300 5
028 G030300 0
028 G040300 28953
028 H000300 0
037 000300 N
038 000300 0
039 000300 N
040 000300 N
041 000300 N
042 A000300 0
042 B000300 0
042 C000300 0
042 D000300 0
042 E000300 0
042 F000300 0
042 G000300 0
042 H000300 0
043 000300 0
044 000300 0
045 000300 Y
046 000300 N
047 000300 Y
048 000300 0.350
048 A010300 0
048 A020300 0.000
048 B010300 0
048 B020300 0.000
048 C010300 0
048 C020300 0.000
048 D010300 0
048 D020300 0.000
048 E010300 0
048 E020300 0.000
048 F010300 0
<PAGE> PAGE 16
048 F020300 0.000
048 G010300 0
048 G020300 0.000
048 H010300 0
048 H020300 0.000
048 I010300 0
048 I020300 0.000
048 J010300 0
048 J020300 0.000
048 K010300 0
048 K020300 0.000
049 000300 N
050 000300 N
051 000300 N
052 000300 N
053 A000300 Y
053 B000300 Y
053 C000300 N
055 A000300 N
055 B000300 N
056 000300 Y
057 000300 N
062 A000300 N
062 B000300 0.0
062 C000300 0.0
062 D000300 0.0
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 0.0
062 N000300 0.0
062 O000300 0.0
062 P000300 0.0
062 Q000300 0.0
062 R000300 0.0
063 A000300 0
063 B000300 0.0
066 A000300 Y
066 B000300 N
066 C000300 Y
066 D000300 N
066 E000300 N
066 F000300 N
066 G000300 N
067 000300 N
068 A000300 N
<PAGE> PAGE 17
068 B000300 N
069 000300 N
070 A010300 Y
070 A020300 N
070 B010300 Y
070 B020300 N
070 C010300 N
070 C020300 N
070 D010300 Y
070 D020300 N
070 E010300 N
070 E020300 N
070 F010300 Y
070 F020300 N
070 G010300 Y
070 G020300 N
070 H010300 Y
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 Y
070 J020300 N
070 K010300 Y
070 K020300 Y
070 L010300 Y
070 L020300 N
070 M010300 N
070 M020300 N
070 N010300 N
070 N020300 N
070 O010300 Y
070 O020300 N
070 P010300 Y
070 P020300 N
070 Q010300 Y
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 32567
071 B000300 20116
071 C000300 37532
071 D000300 54
072 A000300 6
072 B000300 42
072 C000300 134
072 D000300 0
072 E000300 0
072 F000300 68
072 G000300 29
072 H000300 0
072 I000300 47
<PAGE> PAGE 18
072 J000300 14
072 K000300 0
072 L000300 0
072 M000300 1
072 N000300 0
072 O000300 0
072 P000300 0
072 Q000300 24
072 R000300 8
072 S000300 2
072 T000300 1
072 U000300 3
072 V000300 0
072 W000300 12
072 X000300 209
072 Y000300 15
072 Z000300 -18
072AA000300 1985
072BB000300 0
072CC010300 2073
072CC020300 0
072DD010300 0
072DD020300 12
072EE000300 0
073 A010300 0.0037
073 A020300 0.0037
073 B000300 0.0000
073 C000300 0.0000
074 A000300 4
074 B000300 0
074 C000300 0
074 D000300 0
074 E000300 0
074 F000300 42412
074 G000300 0
074 H000300 0
074 I000300 1870
074 J000300 0
074 K000300 0
074 L000300 19
074 M000300 24
074 N000300 44329
074 O000300 0
074 P000300 20
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 24
074 S000300 0
074 T000300 44285
<PAGE> PAGE 19
074 U010300 43
074 U020300 3372
074 V010300 12.91
074 V020300 12.97
074 W000300 0.0000
074 X000300 16
074 Y000300 0
075 A000300 0
075 B000300 39406
076 000300 0.00
008 A000401 FORUM INVESTMENT ADVISORS, LLC
008 B000401 A
008 C000401 801-31487
008 D010401 PORTLAND
008 D020401 ME
008 D030401 04101
008 A000402 BEUTEL, GOODMAN CAPITAL MANAGEMENT
008 B000402 S
008 C000402 801-32646
008 D010402 HOUSTON
008 D020402 TX
008 D030402 77057
008 D040402 3011
024 000400 N
025 D000401 0
025 A000402 DELETE
025 D000402 0
025 D000403 0
025 D000404 0
025 D000405 0
025 D000406 0
025 D000407 0
025 D000408 0
028 A010400 460
028 A020400 0
028 A030400 0
028 A040400 388
028 B010400 603
028 B020400 0
028 B030400 0
028 B040400 2
028 C010400 5890
028 C020400 0
028 C030400 0
028 C040400 283
028 D010400 3251
028 D020400 25
028 D030400 0
028 D040400 591
028 E010400 5170
028 E020400 0
<PAGE> PAGE 20
028 E030400 0
028 E040400 5184
028 F010400 5263
028 F020400 25
028 F030400 0
028 F040400 5128
028 G010400 20637
028 G020400 50
028 G030400 0
028 G040400 11576
028 H000400 0
037 000400 N
038 000400 0
039 000400 N
040 000400 N
041 000400 N
042 A000400 0
042 B000400 0
042 C000400 0
042 D000400 0
042 E000400 0
042 F000400 0
042 G000400 0
042 H000400 0
043 000400 0
044 000400 0
045 000400 Y
046 000400 N
047 000400 Y
048 000400 0.350
048 A010400 0
048 A020400 0.000
048 B010400 0
048 B020400 0.000
048 C010400 0
048 C020400 0.000
048 D010400 0
048 D020400 0.000
048 E010400 0
048 E020400 0.000
048 F010400 0
048 F020400 0.000
048 G010400 0
048 G020400 0.000
048 H010400 0
048 H020400 0.000
048 I010400 0
048 I020400 0.000
048 J010400 0
048 J020400 0.000
048 K010400 0
<PAGE> PAGE 21
048 K020400 0.000
049 000400 N
050 000400 N
051 000400 N
052 000400 N
053 A000400 Y
053 B000400 Y
053 C000400 N
055 A000400 N
055 B000400 N
056 000400 Y
057 000400 N
062 A000400 N
062 B000400 0.0
062 C000400 0.0
062 D000400 0.0
062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 0.0
062 J000400 0.0
062 K000400 0.0
062 L000400 0.0
062 M000400 0.0
062 N000400 0.0
062 O000400 0.0
062 P000400 0.0
062 Q000400 0.0
062 R000400 0.0
063 A000400 0
063 B000400 0.0
066 A000400 Y
066 B000400 N
066 C000400 Y
066 D000400 N
066 E000400 N
066 F000400 N
066 G000400 N
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 Y
070 A020400 N
070 B010400 Y
070 B020400 N
070 C010400 N
070 C020400 N
070 D010400 Y
070 D020400 N
<PAGE> PAGE 22
070 E010400 N
070 E020400 N
070 F010400 Y
070 F020400 N
070 G010400 Y
070 G020400 N
070 H010400 Y
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 Y
070 K020400 Y
070 L010400 Y
070 L020400 N
070 M010400 N
070 M020400 N
070 N010400 N
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 Y
070 P020400 N
070 Q010400 Y
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 19695
071 B000400 9384
071 C000400 33819
071 D000400 28
072 A000400 6
072 B000400 69
072 C000400 267
072 D000400 0
072 E000400 0
072 F000400 63
072 G000400 27
072 H000400 0
072 I000400 45
072 J000400 5
072 K000400 0
072 L000400 0
072 M000400 1
072 N000400 0
072 O000400 0
072 P000400 0
072 Q000400 24
072 R000400 8
072 S000400 2
<PAGE> PAGE 23
072 T000400 1
072 U000400 3
072 V000400 0
072 W000400 13
072 X000400 192
072 Y000400 14
072 Z000400 158
072AA000400 613
072BB000400 0
072CC010400 1918
072CC020400 0
072DD010400 2
072DD020400 157
072EE000400 0
073 A010400 0.0371
073 A020400 0.0371
073 B000400 0.0000
073 C000400 0.0000
074 A000400 4
074 B000400 0
074 C000400 227
074 D000400 0
074 E000400 0
074 F000400 42418
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 0
074 K000400 0
074 L000400 64
074 M000400 24
074 N000400 42737
074 O000400 0
074 P000400 21
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 99
074 S000400 0
074 T000400 42617
074 U010400 44
074 U020400 4340
074 V010400 9.68
074 V020400 9.72
074 W000400 0.0000
074 X000400 14
074 Y000400 0
075 A000400 0
075 B000400 36303
076 000400 0.00
<PAGE> PAGE 24
SIGNATURE TOM SHEEHAN
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION
EXTRACTED FROM THE MEMORIAL FUNDS SEMI-ANNUAL REPORT
DATED JUNE 30, 1999 AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH REPORT.
</LEGEND>
<CIK> 0001045701
<SERIES>
<NUMBER> 032
<NAME> GROWTH EQUITY FUND - INSTITUTIONAL SHARES
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 39,204,836
<INVESTMENTS-AT-VALUE> 44,281,748
<RECEIVABLES> 19,241
<ASSETS-OTHER> 1,580
<OTHER-ITEMS-ASSETS> 26,218
<TOTAL-ASSETS> 44,328,787
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 43,873
<TOTAL-LIABILITIES> 43,873
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 35,645,471
<SHARES-COMMON-STOCK> 3,372,045
<SHARES-COMMON-PRIOR> 2,300,377
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (27,971)
<ACCUMULATED-NET-GAINS> 3,590,502
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,076,912
<NET-ASSETS> 44,284,914
<DIVIDEND-INCOME> 134,291
<INTEREST-INCOME> 42,126
<OTHER-INCOME> 0
<EXPENSES-NET> (194,409)
<NET-INVESTMENT-INCOME> (17,992)
<REALIZED-GAINS-CURRENT> 1,984,671
<APPREC-INCREASE-CURRENT> 2,073,134
<NET-CHANGE-FROM-OPS> 4,039,813
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (11,694)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,466,909
<NUMBER-OF-SHARES-REDEEMED> (2,395,662)
<SHARES-REINVESTED> 421
<NET-CHANGE-IN-ASSETS> 17,485,695
<ACCUMULATED-NII-PRIOR> 1,715
<ACCUMULATED-GAINS-PRIOR> 1,605,831
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 68,392
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 209,436
<AVERAGE-NET-ASSETS> 39,405,514
<PER-SHARE-NAV-BEGIN> 11.49
<PER-SHARE-NII> (0.07)
<PER-SHARE-GAIN-APPREC> 1.55
<PER-SHARE-DIVIDEND> (0.00)
<PER-SHARE-DISTRIBUTIONS> (0.00)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.97
<EXPENSE-RATIO> 0.99
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION
EXTRACTED FROM THE MEMORIAL FUNDS SEMI-ANNUAL REPORT
DATED JUNE 30, 1999 AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH REPORT.
</LEGEND>
<CIK> 0001045701
<SERIES>
<NUMBER> 031
<NAME> GROWTH EQUITY FUND - TRUST SHARES
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 39,204,836
<INVESTMENTS-AT-VALUE> 44,281,748
<RECEIVABLES> 19,241
<ASSETS-OTHER> 1,580
<OTHER-ITEMS-ASSETS> 26,218
<TOTAL-ASSETS> 44,328,787
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 43,873
<TOTAL-LIABILITIES> 43,873
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 35,645,471
<SHARES-COMMON-STOCK> 43,027
<SHARES-COMMON-PRIOR> 32,603
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (27,971)
<ACCUMULATED-NET-GAINS> 3,590,502
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,076,912
<NET-ASSETS> 44,284,914
<DIVIDEND-INCOME> 134,291
<INTEREST-INCOME> 42,126
<OTHER-INCOME> 0
<EXPENSES-NET> (194,409)
<NET-INVESTMENT-INCOME> (17,992)
<REALIZED-GAINS-CURRENT> 1,984,671
<APPREC-INCREASE-CURRENT> 2,073,134
<NET-CHANGE-FROM-OPS> 4,039,813
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 14,593
<NUMBER-OF-SHARES-REDEEMED> (4,181)
<SHARES-REINVESTED> 12
<NET-CHANGE-IN-ASSETS> 17,485,695
<ACCUMULATED-NII-PRIOR> 1,715
<ACCUMULATED-GAINS-PRIOR> 1,605,831
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 68,392
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 209,436
<AVERAGE-NET-ASSETS> 39,405,514
<PER-SHARE-NAV-BEGIN> 11.45
<PER-SHARE-NII> (0.08)
<PER-SHARE-GAIN-APPREC> 1.54
<PER-SHARE-DIVIDEND> (0.00)
<PER-SHARE-DISTRIBUTIONS> (0.00)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.91
<EXPENSE-RATIO> 1.24
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION
EXTRACTED FROM THE MEMORIAL FUNDS SEMI-ANNUAL REPORT
DATED JUNE 30, 1999 AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH REPORT.
</LEGEND
<CIK> 0001045701
<SERIES>
<NUMBER> 042
<NAME> VALUE EQUITY FUND - INSTITUTIONAL SHARES
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 40,230,962
<INVESTMENTS-AT-VALUE> 42,644,922
<RECEIVABLES> 64,203
<ASSETS-OTHER> 1,294
<OTHER-ITEMS-ASSETS> 26,218
<TOTAL-ASSETS> 42,736,637
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 119,249
<TOTAL-LIABILITIES> 119,249
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 41,519,963
<SHARES-COMMON-STOCK> 4,339,873
<SHARES-COMMON-PRIOR> 3,338,042
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (1,316,535)
<ACCUM-APPREC-OR-DEPREC> 2,413,960
<NET-ASSETS> 42,617,388
<DIVIDEND-INCOME> 266,777
<INTEREST-INCOME> 69,476
<OTHER-INCOME> 0
<EXPENSES-NET> (178,611)
<NET-INVESTMENT-INCOME> 157,642
<REALIZED-GAINS-CURRENT> 613,179
<APPREC-INCREASE-CURRENT> 1,917,974
<NET-CHANGE-FROM-OPS> 2,688,795
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (156,747)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,196,984
<NUMBER-OF-SHARES-REDEEMED> (1,200,425)
<SHARES-REINVESTED> 5,272
<NET-CHANGE-IN-ASSETS> 11,642,891
<ACCUMULATED-NII-PRIOR> 649
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (1,929,714)
<GROSS-ADVISORY-FEES> 63,008
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 191,931
<AVERAGE-NET-ASSETS> 36,303,299
<PER-SHARE-NAV-BEGIN> 9.19
<PER-SHARE-NII> 0.04
<PER-SHARE-GAIN-APPREC> 0.53
<PER-SHARE-DIVIDEND> (0.04)
<PER-SHARE-DISTRIBUTIONS> (0.00)
<RETURNS-OF-CAPITAL> (0.00)
<PER-SHARE-NAV-END> 9.72
<EXPENSE-RATIO> 0.99
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION
EXTRACTED FROM THE MEMORIAL FUNDS SEMI-ANNUAL REPORT
DATED JUNE 30, 1999 AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH REPORT.
</LEGEND
<CIK> 0001045701
<SERIES>
<NUMBER> 041
<NAME> VALUE EQUITY FUND - TRUST SHARES
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 40,230,962
<INVESTMENTS-AT-VALUE> 42,644,922
<RECEIVABLES> 64,203
<ASSETS-OTHER> 1,294
<OTHER-ITEMS-ASSETS> 26,218
<TOTAL-ASSETS> 42,736,637
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 119,249
<TOTAL-LIABILITIES> 119,249
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 41,519,963
<SHARES-COMMON-STOCK> 43,976
<SHARES-COMMON-PRIOR> 33,204
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (1,316,535)
<ACCUM-APPREC-OR-DEPREC> 2,413,960
<NET-ASSETS> 42,617,388
<DIVIDEND-INCOME> 266,777
<INTEREST-INCOME> 69,476
<OTHER-INCOME> 0
<EXPENSES-NET> (178,611)
<NET-INVESTMENT-INCOME> 157,642
<REALIZED-GAINS-CURRENT> 613,179
<APPREC-INCREASE-CURRENT> 1,917,974
<NET-CHANGE-FROM-OPS> 2,688,795
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,544)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10,605
<NUMBER-OF-SHARES-REDEEMED> (0)
<SHARES-REINVESTED> 166
<NET-CHANGE-IN-ASSETS> 11,642,891
<ACCUMULATED-NII-PRIOR> 649
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (1,929,714)
<GROSS-ADVISORY-FEES> 63,008
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 191,931
<AVERAGE-NET-ASSETS> 36,303,299
<PER-SHARE-NAV-BEGIN> 9.16
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 0.53
<PER-SHARE-DIVIDEND> (0.04)
<PER-SHARE-DISTRIBUTIONS> (0.00)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.68
<EXPENSE-RATIO> 1.24
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION
EXTRACTED FROM THE MEMORIAL FUNDS SEMI-ANNUAL REPORT
DATED JUNE 30, 1999 AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH REPORT.
</LEGEND>
<CIK> 0001045701
<SERIES>
<NUMBER> 022
<NAME> CORPORATE BOND FUND - INSTITUTIONAL SHARES
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 148,356,148
<INVESTMENTS-AT-VALUE> 144,675,838
<RECEIVABLES> 9,391,630
<ASSETS-OTHER> 5,166
<OTHER-ITEMS-ASSETS> 22,403
<TOTAL-ASSETS> 154,095,037
<PAYABLE-FOR-SECURITIES> 6,929,950
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 900,151
<TOTAL-LIABILITIES> 7,830,101
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 151,979,814
<SHARES-COMMON-STOCK> 15,227,333
<SHARES-COMMON-PRIOR> 13,615,356
<ACCUMULATED-NII-CURRENT> 423
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (2,034,991)
<ACCUM-APPREC-OR-DEPREC> (3,680,310)
<NET-ASSETS> 146,264,936
<DIVIDEND-INCOME> 73,617
<INTEREST-INCOME> 4,345,017
<OTHER-INCOME> 0
<EXPENSES-NET> (437,617)
<NET-INVESTMENT-INCOME> 3,981,017
<REALIZED-GAINS-CURRENT> (2,001,654)
<APPREC-INCREASE-CURRENT> (4,866,936)
<NET-CHANGE-FROM-OPS> (2,887,573)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,981,017)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,624,929
<NUMBER-OF-SHARES-REDEEMED> (1,029,081)
<SHARES-REINVESTED> 16,129
<NET-CHANGE-IN-ASSETS> 8,926,946
<ACCUMULATED-NII-PRIOR> 423
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (33,337)
<GROSS-ADVISORY-FEES> 157,933
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 483,395
<AVERAGE-NET-ASSETS> 138,471,107
<PER-SHARE-NAV-BEGIN> 10.09
<PER-SHARE-NII> 0.28
<PER-SHARE-GAIN-APPREC> (0.48)
<PER-SHARE-DIVIDEND> (0.28)
<PER-SHARE-DISTRIBUTIONS> (0.00)
<RETURNS-OF-CAPITAL> (0.00)
<PER-SHARE-NAV-END> 9.61
<EXPENSE-RATIO> 0.64
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION
EXTRACTED FROM THE MEMORIAL FUNDS SEMI-ANNUAL REPORT
DATED JUNE 30, 1999 AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH REPORT.
</LEGEND>
<CIK> 0001045701
<SERIES>
<NUMBER> 012
<NAME> GOVERNMENT BOND FUND - INSTITUTIONAL SHARES
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 67,169,707
<INVESTMENTS-AT-VALUE> 65,044,849
<RECEIVABLES> 1,095,405
<ASSETS-OTHER> 2,499
<OTHER-ITEMS-ASSETS> 22,468
<TOTAL-ASSETS> 66,165,221
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 309,226
<TOTAL-LIABILITIES> 309,226
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 68,004,996
<SHARES-COMMON-STOCK> 6,745,635
<SHARES-COMMON-PRIOR> 6,405,517
<ACCUMULATED-NII-CURRENT> 423
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (24,566)
<ACCUM-APPREC-OR-DEPREC> (2,124,858)
<NET-ASSETS> 65,855,995
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,897,506
<OTHER-INCOME> 0
<EXPENSES-NET> (221,194)
<NET-INVESTMENT-INCOME> 1,676,312
<REALIZED-GAINS-CURRENT> (23,955)
<APPREC-INCREASE-CURRENT> (3,204,302)
<NET-CHANGE-FROM-OPS> (1,551,945)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,676,312)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 460,272
<NUMBER-OF-SHARES-REDEEMED> (165,103)
<SHARES-REINVESTED> 44,949
<NET-CHANGE-IN-ASSETS> 180,430
<ACCUMULATED-NII-PRIOR> 423
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (611)
<GROSS-ADVISORY-FEES> 74,917
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 242,909
<AVERAGE-NET-ASSETS> 65,684,873
<PER-SHARE-NAV-BEGIN> 10.25
<PER-SHARE-NII> 0.25
<PER-SHARE-GAIN-APPREC> (0.49)
<PER-SHARE-DIVIDEND> (0.25)
<PER-SHARE-DISTRIBUTIONS> (0.00)
<RETURNS-OF-CAPITAL> (0.00)
<PER-SHARE-NAV-END> 9.76
<EXPENSE-RATIO> 0.68
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
